It took 20 years for us to get into this situation — leveraged to the hilt — and it will take more than a couple of years to unwind it. And even when we get back to normal, that normal is not going to be the same. We won't have this sort of freely available credit that we had before for households and businesses. It's going to be a different reality — a more austere one — when we come out on the other end of this.
- Paul Ashworth
www.capitaleconomics.com
(via http://www.time.com/time/business/article/0,8599,1853129,00.html)
How true!
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